Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $12.4B | $12.65B | $12.34B | $12.67B | $13.18B | $13.75B | $14.26B | $14.8B | $15.33B |
| Cost of revenue | $8.73B | $9B | $8.69B | $8.91B | $9.34B | $9.42B | $10.06B | $10.68B | $11.03B |
| Gross profit | $3.67B | $3.65B | $3.65B | $3.77B | $3.84B | $4.07B | $4.32B | $4.4B | $4.46B |
| Gross margin | +29.61% | +28.85% | +29.59% | +29.71% | +29.14% | +29.64% | +30.26% | +29.74% | +29.09% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.82B | $2.71B | $2.94B | $3.04B | $3.08B | $3.22B | $3.34B | $3.6B | $3.73B |
| Total operating expenses | $2.82B | $2.71B | $2.94B | $3.04B | $3.08B | $3.35B | $3.3B | $3.52B | $3.66B |
| Operating income | $854.81M | $938M | $714M | $729M | $758M | $781.59M | $800.31M | $834.59M | $857.25M |
| Operating margin | +6.89% | +7.42% | +5.79% | +5.75% | +5.75% | +5.69% | +5.61% | +5.64% | +5.59% |
| EBITDA | $1.07B | $977M | $877M | $941M | $1.01B | $1.04B | $1.07B | $1.11B | $1.12B |
| EBIT | $858.15M | $765M | $629M | $644M | $695M | $727.25M | $734.68M | $746.93M | $770.76M |
| Below the line | |||||||||
| Interest expense | $27.6M | $44M | $87M | $131M | $150M | $135.34M | $139.84M | $141.22M | $147.72M |
| Interest income | $6.45M | $17M | $17M | $24M | $33M | $26.18M | $26.68M | $28.09M | $28.89M |
| Other income / expense | -$4.25M | -$202M | -$158M | -$203M | -$213M | — | — | — | — |
| Pre-tax income | $850.56M | $736M | $556M | $526M | $545M | $577.59M | $599.12M | $634.62M | $634.8M |
| Income tax expense | $197.35M | $170M | $120M | $128M | $126M | $137.97M | $137.9M | $148.76M | $152.23M |
| Earnings | |||||||||
| Net income | $623.91M | $538M | $416M | $390M | $398M | $436.78M | $461.44M | $471.67M | $480.22M |
| Net income · continuing ops | $653.21M | $566M | $436M | $398M | $419M | $454.34M | $480.16M | $483.96M | $499.14M |
| Net margin | +5.03% | +4.25% | +3.37% | +3.08% | +3.02% | +3.18% | +3.24% | +3.19% | +3.13% |
| EPS · basic | $4.51 | $3.95 | $3.18 | $3.07 | $3.29 | $5.32 | $5.92 | $6.62 | $6.74 |
| EPS · diluted | $4.45 | $3.91 | $3.16 | $3.05 | $3.27 | $5.35 | $5.91 | $6.50 | $6.74 |
| EPS · low estimate | — | — | — | — | — | $5.28 | $5.83 | $5.80 | $6.70 |
| EPS · high estimate | — | — | — | — | — | $5.38 | $6.12 | $7.15 | $6.81 |
| Shares · basic | 140.09M | 136.06M | 130.62M | 126.79M | 120.81M | 121.6M | 120.62M | 120.2M | 119.62M |
| Shares · diluted | 141.77M | 137.76M | 131.75M | 127.78M | 121.72M | 121.69M | 120.71M | 121.91M | 121.33M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 13 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 6 | 2 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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